Barclaycard Data Suggest Online Payment Fraud Decline since SCA
It has been nearly seven months ever since FCA mandatorily introduced the Strong Customer Authentication (SCA) in the UK on March 14, 2022. Recently, the data from Barclaycard Payments suggest a 73% of retailers have seen online payment fraud decline.
All online transactions over £25 are now subject to two-factor authentication checks as part of SCA, the biggest change to UK payment regulations since the implementation of Chip & Pin in 2006. This measure was implemented to assist fight online fraud.
In the months following the deployment, fraud has decreased for about seventy percent of retailers, on average by about twenty five percent. As a result, 63% of those who use an e-commerce platform think SCA has a positive effect on their company.
28% of businesses are still not fully compliance with the rule, according to the data. According to confidential Barclaycard transaction data, £2.07 million in daily sales are rejected because they were made using insecure channels and failed to pass necessary security checks.
Since SCA was implemented, there has been a decrease in "basket abandonment" from 32.4% to 28.9%, with four out of five Brits willing to undergo two factor authentication.
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